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House prices at highest level for a year.



Summary: Nationwide says house prices went up for the fifth month in a row during September September: see month. .

New research has shown that house prices went up for the fifth month in a row during September. The development could push property values back up to levels last seen 12 months ago.

Nationwide Building Society says the average cost of a UK home rose by 0.9 per cent during the month, making it Au161,816. That builds on gains of 1.4 per cent in both July July: see month.  and August.

This latest increase leaves house prices roughly in line with the level they were at a year ago, making September the first month in which annual house price inflation has not been negative since March 2008.

Property prices have now risen by 3.8 per cent during the past three months, compared with the previous three-month period, the biggest increase on this measure for five years.

However, Nationwide has warned that the prices are unlikely to continue to increase at their current rate, particularly due to the ongoing problems in the mortgage market and rising unemployment.

Martin Gahbauer, Nationwide's chief economist The Chief Economist is a single position job class having primary responsibility for the development, coordination, and production of economic and financial analysis. It is distinguished from the other economist positions by the broader scope of responsibility encompassing the , said: "Given that the housing market still faces considerable headwinds in the form of high unemployment, restrictive credit conditions and an impending im·pend  
intr.v. im·pend·ed, im·pend·ing, im·pends
1. To be about to occur: Her retirement is impending.

2.
 withdrawal of the stamp duty Stamp Duty

An ad-valorem or flat rate charged upon certain documents.

Notes:
This is an extra charge placed on documents.
See also: Ad Valorem Tax



Stamp duty

Applies mainly to international equities.
 holiday, it would be surprising to see house prices continuing to increase at the very strong rate seen in recent months."

Independent Television News Limited 2009. All rights reserved.

Independent Television News Limited 2009. All rights reserved.

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Publication:Independent Television News Limited (ITN)
Date:Oct 19, 2009
Words:260
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